L.A. home prices, sales shoot up

For anyone who has been looking for a house over the past few weeks, this should not come as a surprise. Much of the local market is smoking. It's really the combination of pent-up demand in the $500,000 and up price range, along with very limited supply in the most sought-after locations. Limited supply often means multiple offers - and prices sometimes go above asking. October home sales in L.A. County were up 24.7 percent compared with a year earlier, according to Dataquick, and the median price of $341,000 was up 13.7 percent. For all of Socal, the median price shot up 17 percent, the highest level in more than four years. Meanwhile, foreclosure resales accounted for 16.3 percent of the total market last month, down from 32.8 percent a year earlier. From press release:

"Watching the market rebalance itself is fascinating. In some categories and in some neighborhoods, demand outstrips supply, pushing up prices. In other areas, the market is still largely dormant. Low interest rates are a huge factor, where mortgages are available, which they aren't for a lot of potential buyers," said John Walsh, DataQuick president.

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Sales rose sharply in most mid- to-higher-cost markets in October. Sales between $300,000 and $800,000 - a range that would include many move-up buyers - jumped 41.5 percent year-over-year. October sales over $500,000 rose 55.2 percent year-over-year, while sales over $800,000 rose 52.4 percent compared with October 2011.